U.S. grocery shoppers may be feeling the effects of food prices rising globally. | Adobe Stock
U.S. grocery shoppers may be feeling the effects of food prices rising globally. | Adobe Stock
The Consumer Price Index for All Urban Consumers (CPI-U) revealed the year 2021 brought a 7% increase in the all items index from January to December — the largest 12-month increase the country has experienced in 40 years.
With the last record-high documented in June 1982, the CPI-U reports the food index alone rose 6.3% over the course of the year, while the energy index increased by 29.3%.
The 12-month increase for food at home was 6.5%, as “all of the six major grocery store food group indexes increased over the period,” the report states.
According to results, the index for meats, poultry, fish and eggs took the greatest hit with a 12.5% increase throughout 2021.
The Midwest states, Wisconsin included, saw a 6.6% jump in the consumer price index (CPI) last year, the Detroit Free Press reports. In the 12-state region alone, energy prices rose 33.3%, food prices rose 6%, and prices for used cars and trucks rose 9.8%.
As inflation continues to get hotter in the Midwest, the Detroit Free Press reported in November that some residents will be forced to cut out enjoyable activities such as eating out and going on vacation in order to adequately support their families.
This comes as gasoline pump prices have been on the rise in response to global tensions increasing oil prices. According to the current AAA Gas Price report, areas of the Midwest are experiencing moderate retail gas prices when compared to other areas of the country.
Yet still, the state of Wisconsin is paying more at the pump than it was 12 months ago. The average price for regular gas is $3.19 per gallon, the average for mid-grade is $3.49 per gallon, the average for premium is $3.89 and the average for diesel is $3.57 per gallon.
As inflation soars to the highest it has been in 40 years, a McLaughlin & Associates poll reveals the year 2022 has brought a significant change in America’s outlook regarding the U.S. economy when compared to similar polling in 2021. As of January 2022, 52% of the 1,000 Americans who responded to the poll believe the country is currently in a recession, while 40% believe the U.S. economy is not in a recession.
These numbers are drastically different from those of January 2021. When asked a year ago, nearly 70% of Americans felt the U.S. economy was not in a recession while less than 25% said it was in a recession.
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